Main decentralized lending protocol, Aave has acquired 1000’s of votes supporting the deployment of the brand new Aave v3 Ethereum.
Aave v3 Ethereum in View
DeFi protocol big and largest cryptocurrency lender, Aave, has lately recorded huge votes from its neighborhood to help the deployment of Aave v3 on Ethereum. The votes have been concluded and revealed by Aave on its platform on the eleventh of October, 2022
Following a neighborhood dialogue opened on the Aave governance discussion board on Sep 23, the DeFi agency launched a voting session on snapshot to permit its neighborhood members to find out whether or not Aave v3 must be deployed on Ethereum or not.
“The objective of this vote is for the Aave neighborhood to determine a path ahead with regard to doing a “clear” deployment of Aave v3 in Ethereum versus upgrading the Aave v2 Ethereum sensible contracts to a v3 model”, defined Aave governance.
The Aave neighborhood vote was to succeed in a conclusion that can authorize BGD Labs, Aave’s engine room, to implement developments, engineering-wise, relating to the Ethereum blockchain.
Three choices have been offered on the ballot, the primary being the deployment of a brand new Aave v3 Ethereum, i.e. executing a “clear” new deployment, with v2 and v3 Ethereum residing collectively, individually. The second possibility was to improve v2 sensible contracts to v3 with no new deployment. And lastly, the neighborhood was supplied the choice of delaying selections and hanging extra discussions on the subject.
Utilizing the single-choice voting system, Aave governance commenced voting at precisely 11 am on the 4th of October and concluded on the similar time on the eleventh. On the finish of the vote, 99.88% of the neighborhood marking over 522,000 Aave members, voted for the deployment of a brand new v3 Ethereum, 619 votes making about 0.12% voted for the improve of v2 sensible contracts, whereas 18 members voted for the continuation of the discussion board.
Seamless Migration of v2 Sensible Contracts
Whereas addressing considerations relating to transitioning to the brand new v3 Ethereum, Aave has assured its neighborhood members of a easy migration.
In line with Aave, there shall be automated migration of positions whereby customers of Aave v2 will robotically grow to be customers of v3. The addresses of the v2 smart contracts shall be precisely the identical as v3. This suggests that no transaction or migration process is required from the Aave v2 Ethereum customers.
Additionally, some integrations will simply work from the present v2, particularly these integrations on the sensible contracts layer that can work with out making main modifications to their on-chain infrastructure.
There can even be no liquidity segregation.
The Way forward for Aave v3 Ethereum
Based mostly on Aave’s roadmap for the deployment of v3 markets on Ethereum, the snapshot vote was to achieve the neighborhood dialogue on the agency’s discussion board, after which a sequence of occasions will happen, main in the end to the launch of v3 Ethereum.
In line with Aave governance, on receiving a constructive end result on the deployment of a brand new Aave v3 Ethereum, the Aave neighborhood will authorize BGD Labs to deploy. After which, there shall be discussions locally for all preliminary configurations of the Aave v3 Ethereum, together with the preliminary set of listings and all different protocol parameters.
After this, all needed enhancements shall be utilized to all v3 cases, together with an audit pre-deployment, and sensible contracts shall be deployed whereas every thing not lively shall be paused. And eventually, Aave governance will current its proposal for the neighborhood to activate the pool.